Bitcoin’s Future Prospects Remain Bullish Despite The Recent BTC Price And Crypto Market Drop
- Bitcoin remains in a bull trend despite the bearish activity
- The most popular digital currency could continue growing in the future
Bitcoin (BTC) and other digital assets have experienced a very bearish action during the last few days. This is due to many reasons, including the increasing pressure from regulators to control the crypto market. Although the virtual currency fell hard during the last days, a report released by The TIE shows that the long-term scenario for Bitcoin remains bullish.
Bitcoin’s Long-Term Remains Bullish Despite Short-Term Bearish Action
As per the report released by The TIE, Bitcoin’s long-term scenario remains very bullish. It is possible to see that the 200-day Moving Average on the daily chart remains bullish and shows a bullish trend line. What we can see is that the parabolic move that started with Bitcoin bottoming in December 2018 ended with the latest price drop.
The report reads as follows:
“In spite of recent downwards price movement, long-term sentiment remains extremely bullish on Bitcoin. Tweet and trading volumes have also continued to increase.”
During the last few days, the market experienced a fall in trading volume, which caused the market to lose over $70 billion of its value in just a few days. With the lower volume and bearish news coming from U.S. officials, the market reacted consequently.
Bitcoin and other digital assets have been criticized by officials from the United States that claim that they are used by criminals and facilitate illegal activities. Steven Mnuchin, the U.S. secretary of the treasury mentioned that virtual currencies, included Libra, are a national security issue.
U.S. President Donald Trump has also tweeted against virtual currencies claiming he is not a “fan of Bitcoin.” As mentioned before, he claims that they are being used by criminals and that promote illegal activities.
Currently, Bitcoin is being traded around $9,576 and it has a market capitalization of $170 billion according to CoinMarketCap. In the last 24 hours, the cryptocurrency fell over 11%. Other currencies followed the same path, including all the top 100 with the exception of a few digital assets.
According to Josh Rager, a recognized cryptocurrency investor and Bitcoin supporter said that Bitcoin under $10,000 is a “gift” for the market and suggested that we may never see that price value again in the future.
Said it once and will say it again
4 digit Bitcoin is a gift
Whether it hits $9ks or even $8ks
— Josh Rager 📈 (@Josh_Rager) July 15, 2019